| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 253.0 | 21.8% | 87.8% | — | — | — | — | — |
| Class A-2A | 235.5 | 20.3% | 67.5% | +44 bps | 1.18 | 2027-02-26 | Aaa | AAA |
| Class A-2B | 235.5 | 20.3% | 47.2% | +42 bps SOFR | 1.18 | 2027-02-26 | Aaa | AAA |
| Class A-3 | 471.0 | 40.5% | 6.7% | +63 bps | 2.28 | 2028-01-27 | Aaa | AAA |
| Class A-4 | 77.4 | 6.7% | 0.0% | +76 bps | 2.90 | 2030-06-27 | Aaa | AAA |
| Sponsor | Mercedes-Benz Financial Services USA LLC |
|---|---|
| Servicer | Mercedes-Benz Financial Services USA LLC |
| Depositor / Transferor | Mercedes-Benz Financial Services USA LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, Credit Agricole Securities, Mizuho Securities, Citigroup Global Markets, MUFG Securities Americas |
Earliest Mercedes-Benz Auto Lease Trust transaction in our coverage — no prior issuance to compare.
| MBALT 2024-A | GMALT 2024-2 | WOALT 2024-A | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2024-05-23 | 2024-05-16 | 2024-04-17 |
| Pool balance | $1,161.6MM | $1,654.1MM | — |
| WA Lessee Credit Score | 787+23 | 781 | 747 |
| WA original term mo | 41.6+5.0 | 35.0 mo | 38.3 mo |
| WA Residual % MSRP | 45.0% | 53.1% | 54.5% |
| ALG-marked residuals | 89.4% | 96.0% | — |
| WA Securitization Value | $44,141 | $29,527 | $991,177,615 |
| Top-3 model concentration | 21.7% | 38.5% | — |
| Geo top-3 | CA 29.3% FL 14.8% NY 13.1% | MI 29.3% NY 16.1% FL 8.5% | FL 62.5% NC 15.7% GA 7.7% |
| Structure (at issuance) | |||
| AAA spread | +44 bps+1bps | +42 bps | +43 bps |
| AAA % of pool | 87.8%+15.2pp | 63.2% | 81.8% |
| Initial OC | 12.25% | 8.00% | — |
| Target OC | 12.25% | 10.50% | — |
| Subordination below AAA | 0.0%−7.7pp | 10.0% | 5.4% |
| Total Hard CE (Initial) | 12.50% | 19.37% | — |
| Total Hard CE (Target) | 12.50% | 21.87% | — |
| Discount rate | 11.35% | 9.50% | — |
| Tranches | 5 | 8 | 6 |
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.